Tag Archives: Finance Companies

The Serious Fraud Office investigation into failed company Hanover Finance cost the regulator about $1.1 million. The SFO spent about $600,000 on its own staff and overheads and a further $505,111 on advisers during the 32-month investigation, it said in a statement today. The office last week said it won”t lay charges against any of the firm”s directors or owners …

Stephen Smith, former director of the failed Belgrave Finance, has pleaded guilty to 25 charges of fraud related to the collapse of the company in 2008. Smith pleaded guilty in the High Court in Auckland to 25 charges, including 19 under the Crimes Act of theft by a person in a special relationship, four charges of false statement by promoter, …

The receiver for Strategic Finance and Lombard Finance & Investments, PwC’s John Fisk, is in talks to reach settlements with the directors of the two failed lenders in a bid to avoid the costs of taking legal action. The Strategic and Lombard Finance boards have each received draft statements of claim against them by their respective receiver and both boards …

The receivership of failed lender St Laurence will probably wrap up with the last repayment to investors in March next year though nothing will have emerged from former boss Kevin Podmore’s bankruptcy and his $20 million personal guarantee. Receivers Barry Jordan and David Vance of Deloitte are working to dispose of the firm’s last loan over a recycling operation in …

The Serious Fraud Office has lost the first round in it its bid to appeal a ruling clearing Capital + Merchant Finance directors Wayne Douglas and Neal Nicholls over the so-called ‘Hub loans’. In the High Court in Auckland, Justice Edwin Wylie turned down the Crown’s application for the judge to revisit three questions of law surrounding the Palmerston North …